Chapter 6, Problem 6.7BE

Classified Balance Sheet, Account Format. Using the information provided in BE6-6, prepare a classified balance sheet using the account format.

BE6-6. Classified Balance Sheet, Report Format. Martell Manufacturing Incorporated provided the following list of account balances for the current year ended December 31.

Account	Debit	Credit
Accounts receivable	$ 300,000
Bonds payable, due in 20 years		$ 400,000
Investments at fair value (trading)	58,000
Accounts payable		175,000
Additional paid-in capital		587,000
Accumulated other comprehensive loss	165,300
Current portion of long-term debt		25,000
Property, plant, and equipment - net	1,264,500
Dividends payable		135.000
Merchandise inventory	254,000
Income taxes payable		65,800
Cash	145,000
Notes payable, due in 5 years		138,500
Retained earnings		625,500
Common stock, $1 par value	—	35,000
Totals	$2,186,800	$2,186,800

Prepare a classified balance sheet for the current year using the report format.